FIRST TRUST SPEC SIT TR SER 26 FIRST TR PR ADJ RATE TR SER 1
485BPOS, 1997-06-02
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                                                File No. 33-45920






             SECURITIES AND EXCHANGE COMMISSION
                 WASHINGTON, D.C. 20549-1004
                              
                              
                       POST-EFFECTIVE
                       AMENDMENT NO. 5
                              
                             TO
                              
                          FORM S-6

For Registration Under the Securities Act of 1933 of
Securities of Unit Investment Trusts Registered on Form N-8B-2


     THE FIRST TRUST SPECIAL SITUATIONS TRUST, SERIES 26
                    (Exact Name of Trust)
                              
                              
                    NIKE SECURITIES L.P.
                  (Exact Name of Depositor)
                              
                              
                    1001 Warrenville Road
                   Lisle, Illinois  60532
                              
                              
    (Complete address of Depositor's principal executive offices)
                              


          NIKE SECURITIES L.P.     CHAPMAN AND CUTLER
          Attn:  James A. Bowen    Attn:  Eric F. Fess
          1001 Warrenville Road    111 West Monroe Street
          Lisle, Illinois  60532   Chicago, Illinois  60603


      (Name and complete address of agents for service)


It is proposed that this filing will become effective (check
appropriate box)

: x :  May 30, 1997   

Pursuant to Rule 24f-2 under the Investment Company Act of 1940,
the issuer has registered an indefinite amount of securities.  A
24f-2 Notice for the offering was last filed on March 13, 1997.


            CONTENTS OF POST-EFFECTIVE AMENDMENT
                  OF REGISTRATION STATEMENT
                              
     
     This Post-Effective Amendment of Registration Statement
comprises the following papers and documents:

                          The facing sheet

                          The purpose of the Amendment

                          The signatures






                THE PURPOSE OF THE AMENDMENT
     
     The  purpose  of  this amendment is  to  terminate  the
declaration  made  pursuant to Rule 24f-2 promulgated  under
the  Investment  Company Act of 1940,  as  amended,  because
Units of The First Trust Special Situations Trust, Series 29
are  no  longer  being  offered for sale  in  the  secondary
market.   A  final  Rule 24f-2 Notice with respect  to  such
series has been filed concurrently with this filing.






                             S-1




                         SIGNATURES
     
     Pursuant  to  the  requirements of  the  Securities  Act  of
1933,   the   Registrant,  The  First  Trust  Special  Situations
Trust,   Series  26,  certifies  that  it  meets   all   of   the
requirements    for    effectiveness   of    this    Registration
Statement  pursuant  to  Rule 485(b)  under  the  Securities  Act
of  1933  and  has duly caused this Post-Effective  Amendment  of
its  Registration  Statement to be signed on its  behalf  by  the
undersigned   thereunto  duly  authorized  in  the   Village   of
Lisle and State of Illinois on May 30, 1997.
                                    
                         THE FIRST TRUST SPECIAL SITUATIONS
                           TRUST, SERIES 26
                                                             (Registrant)
                         By      NIKE SECURITIES L.P.
                                                              (Depositor)
                         
                         
                         By        Carlos E. Nardo
                                   Senior Vice President
                                    
     
     Pursuant  to  the  requirements of  the  Securities  Act  of
1933,    this    Post-Effective   Amendment    of    Registration
Statement  has  been  signed below by  the  following  person  in
the capacity and on the date indicated:

Signature                  Title*                  Date

Robert D. Van Kampen  Sole Director of       )
                      Nike Securities        )
                     Corporation, the        )
                      General Partner        ) May 30, 1997
                  of Nike Securities L.P.    )
                                             )
                                             )
                                             )Carlos E. Nardo
                                             )Attorney-in-Fact**


*The title of the person named herein represents his capacity  in
     and    relationship   to   Nike   Securities    L.P.,    the
     Depositor.

**An executed copy of the related power of attorney was filed  wi
     th  the  Securities  and Exchange Commission  in  connection
     with  Amendment  No.  1  to Form  S-6  of  The  First  Trust
     Special  Situations  Trust, Series 18  (File  No.  33-42683)
     and   the  same  is  hereby  incorporated  herein  by   this
     reference.

                             S-2
                              
               CONSENT OF INDEPENDENT AUDITORS
                              
We consent to the reference to our firm under the caption
"Experts" and to the use of our report dated May 2, 1997 in
this Post-Effective Amendment to the registration Statement
and related Prospectus of The First Trust Special Situations
Trust dated May 23, 1997.



                                                ERNST & YOUNG

Chicago, Illinois
May 22, 1997




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